TheraVet reports its 2023 half-year results and provides an
update on the development of its activities
Sales increased by 29% compared to first half 2022
Number of BIOCERA-VET units distributed1 increased by 31% compared to the first
half of 2022, taking into account the successful introduction of BIOCERA-VET 3*1cc
Acceleration of sales growth over the summer months of 2023 with more than 250% increase in BIOCERA-VET units sold compared to the summer months of 2022 Operating expenses reduced by 45%, reflecting the transition from development to
commercialization and the focus on increasing the Company's operational efficiencies
Gosselies (Wallonia, Belgium), September 06, 2023 - 7:30 am CEST - TheraVet
(ISIN: BE0974387194 - ticker: ALVET), a pioneering company in the management of
osteoarticular diseases in pets, today announces its financial results ended June 30, 2023 and the publication of its half-yearfinancial report.
Recent operational highlights
Pursue of positioning in high value indications with:
- the launch of Equine program in February 2023;
- the launch of Osteosarcoma Network Program in April 2023;
- the assessment of BIOCERA-VET in non-union fractures of long bone with Key Opinion Leaders in May 2023.
Commercial launch of BIOCERA-VETCOMBO-CLEAN, a BIOCERA-VET version specifically adapted to be combined to antibiotics in June 2023
Available cash of €1.75 million on June 30, 2023, covering operational activities until the end of second quarter 2024
1 Including sales and samples
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2023 half-year financial results Financial information at June 30, 2023
All amounts are in € (Belgian GAAP) (1) | 30.06.2023 | 31.12.2022 | 30.06.2022 | ||||
6 months | 12 months | 6 months | |||||
Revenue | 55,266 | 94,037 | 42,753 | ||||
Other operating income | 606,172 | 1,904,880 | 1,158,057 | ||||
Variation of stocks of finished goods and work and contracts in | -8,746 | 144,524 | 142,359 | ||||
progress | |||||||
Produced fixed assets | 554,887 | 1,507,741 | 870,044 | ||||
Operating Grants | 2,606 | 53,508 | 46,665 | ||||
Other operating income | 57,424 | 199,107 | 98,989 | ||||
Total Operating products | 661,438 | 1,998,917 | 1,200,810 | ||||
Operating charges | -1,233,841 | -3,680,826 | -2,226,290 | ||||
Goods for resale, raw materials, and consumables | -39,839 | -211,396 | -258,244 | ||||
R&D Expenses | -206,318 | -593,224 | -342,316 | ||||
Expenses related to the listed company | -54,437 | -190,573 | -130,103 | ||||
Marketing and commercial expenses | -73,297 | -240,268 | -130,309 | ||||
General & administrative expenses | -414,643 | -1,317,502 | -752,258 | ||||
Staff | -441,626 | -1,124,566 | -611,756 | ||||
Other operating charges | -3,681 | -3,297 | -1,304 | ||||
Gross Operating result | -572,403 | -1,681,910 | -1,025,480 | ||||
Amortization & Depreciation | -686,722 | -1,094,792 | -193,509 | ||||
Net Operating result | -1,259,125 | -2,776,702 | -1,218,989 | ||||
Financial result | 353,968 | 427,044 | 37,361 | ||||
Result before taxes | -905,157 | -2,349,658 | -1,181,628 | ||||
Income taxes | 34,030 | ||||||
Net result | -905,157 | -2,315,628 | -1,181,628 | ||||
Net Cash & Cash equivalents at the end of the period | 1,753,562 | 3,185,671 | 3,498,856 | ||||
- The accounts presented have not been reviewed by the Statutory Auditors
During the first half of 2023, TheraVet generated €55,266 of revenue representing an increase of 29% as compared to June 30, 2022.
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The revenue of the first half of 2022 were generated for 93% by first orders (inventories building) of our distribution partners in the United Kingdom, Ireland, and Spain. In this first half of 2023, revenue was driven by the direct sales for 55%, in Europe and in the US.
During the first half of 2023, alongside the distributor network and the new distribution agreements concluded with Vetpharma (announced in February 2023) and more recently in New Zealand, Norway and Slovenia/Croatia, TheraVet has been more actively prospecting local prescribing veterinarians (Belgium, France, United Kingdom and USA).
These two sales channels enabled the distribution during the first six months of the year of 459 kits (sales and samples), compared to 412 kits distributed in the first half of 2022, an increase of 11%. Taking into account the introduction of the BIOCERA-VET 3*1cc kit in January 2023, which has been very successful, the number of BIOCERA-VET units distributed (sales and samples) has increased by 31%. (i.e., 130 units) compared to the first half of 2022.
Also, the more than 250% increase of BIOCERA-VET unit sales for first 2 months of the 3rd Quarter of 2023 compared to the same period in 2022, confirmed the acceleration of the revenue.
The Company also generated €554,887 of "capitalized production" as a result of the activation of development expenses related to the BIOCERA-VET® and VISCO-VET® programs during the first half of 2023, representing a decrease of €315,157 as compared to the first half of 2022.
The inventory of finished products and work in progress, valued at €13,226 at December 31, 2022 decreased by €8,746 during the first half of 2023.
Other operating income of €57,424 as of June 30, 2023, compared to the amount of €98,989 as of June 30, 2022, represents a decrease of €41,565 as a result of the decrease in payroll and the public financial contributions received in this context.
The decrease in "Operating charges" reflects the transition from development to the commercialization of BIOCERA-VET® products and the focus on increasing the Company's operational efficiencies:
- COGS have been reduced, as the Company had anticipated at the end of 2022 the build-up of an inventory of products ahead of the continued expansion of the BIOCERA-VET® products in several countries.
- R&D expenses of €206,318 as of June 30, 2023 decreased by €135,998 (40%) compared to the first half of 2022.
This reduction is explained by the particularly important R&D activities performed in 2021 and 2022 compared to H1 2023:
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- In the first half of 2022, activities related to the development of VISCO-VET® amounted to €241,043 and covered mainly activities related to the pivotal European clinical study and the manufacturing process validation whereas the activities related to the BIOCERA-VET® product range represented €99,034 mainly covering the clinical case collection to gather safety and
efficacy results on the products.
- In the first half of 2023, activities related to the development of VISCO-VET® amounted to €104,239, covering mainly ongoing clinical development activities whereas the activities related to the BIOCERA-VET® product range represented €102,079, to finance ongoing product range optimization activities.
- Listed company expenses are amounting to €54,437 which represents a decrease of €75,666 compared to the first half of 2022 and resulting from the stock market communication activities.
- Marketing & Sales expenses amount to €73,297 representing a decrease of €57,012 as compared to first half of 2022, explained by the particularly high marketing expenses in first half of 2022 to prepare the commercial launch of the BIOCERA-VET® products on the European and American markets.
- G&A expenses represent €414,632, a decrease by €337,615 - almost 45% - as compared to the first half of 2022. This strong decrease results from an ongoing focus on optimizing the Company's structural expenses and organizational efficiency, as well as reduced reliance on external consulting fees compared to 2022.
- Staff expenses reached €441,626 in June 2023, compared to €611,756 as of June 30, 2022. This decrease of €170,130 is explained by an increase in organizational and process efficiencies in first half of 2023, following a rapid growth period in first half of 2022.
Finally, the amortization of development expenses related to the BIOCERA-VET® Bone Surgery and VISCO-VET® programs represents €686,722 in June 2023 and resulted in an operating loss of €1.26 million compared to €1.22 million as of 30 June 2022 and a reduced net loss of €0.9 million compared to €1.2 million at June 30, 2022.
The Company's cash and cash equivalents on June 30, 2023 amounted to €1.75 million allowing to fund operations until the end of the second quarter of 2024.
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Post-closing event as of June 30, 2023
By the time of the publication of this press release, no materially significant events have taken place after June 30, 2023.
Next key milestones of the next half-year 2023
Strengthened commercial position in Europe following the recent first BIOCERA-VET sales in Germany, Norway, Czech Republic and Slovenia
Finalization of the development of the advanced formula of BIOCERA-VET COMBO-
CLEAN
Half-year Report 2023
The 2023 half-year financial report ending June 30, 2023, will be published September 06, 2023, and will be available on the Company's website, www.theravet-finances.com.
Financial calendar 2024
Full year financial results: April 23, 2024
Ordinary General Assembly: June 06, 2024
Half-year business update: July 11, 2024
Half-year financial results: September 12, 2024
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Theravet SA published this content on 06 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 September 2023 07:17:05 UTC.